Tuesday 24 May 2022
- Advertisement -

India’s share in global trade: No improvement since UPA era

Join Sirf News on

and/or

New Delhi: When  and Industry Minister placed her written reply to a question on the table in Lok Sabha today, it became clear that India’s in global trade, according to the World Trade Organisation, has hardly improved since the day the UPA government gave way to the  regime. In fact, on one of the parameters of exports, the performance has dipped slightly.

[stextbox id=”info”]

India’s trade performance: Percentage in world trade
Years India’s

in world

merchandise exports

India’s

in world commercial services exports

India’s

in world merchandise plus services exports

2011 1.7 3.2 1.9
2012 1.6 3.2 1.9
2013 1.7 3.1 2.0
2014 1.7 3.1 2.0
2015 1.6 3.3 2.0

  Source:  World Trade Organization

[/stextbox]

The dip in the country’s merchandise exports was registered despite the new government taking a slew of measures like introducing the Merchandise Exports from India Scheme (MEIS) under the Foreign Trade Policy (FTP) 2015-20 on 1 April 2015 with 4,914 tariff lines at 8 digit levels. The Government has extended the market coverage to all countries in respect of 7914 tariff lines. The revenue forgone under the MEIS has increased from Rs 22,000 Crore to Rs 23,500 crore per annum.

The government also launched the Services Exports from India Scheme (SEIS) in the FTP 2015-2020. The scheme provided rewards to service providers of notified services who are providing service from India.

The state is implementing the Niryat Bandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small & Medium Enterprises (MSMEs) and mentor them through orientation programmes, counseling sessions, individual facilitation, etc, on various aspects of foreign trade for being able to get into international trade and boost exports from India.

By way of trade facilitation and enhancing the ease of doing business, Government reduced the number of mandatory documents required for exports and imports to three each, which is comparable with international benchmarks. The trade community can file applications online for various trade related schemes. Online payment of application fees through Credit/Debit cards and electronic funds transfer from 53 Banks has been put in place.

The Interest Equalization Scheme on pre-shipment and post-shipment credit was launched to provide cheaper credit to exporters.

Further, the Government continues to provide the facility of access to duty-free raw materials and capital goods for exports through schemes like Advance Authorization, Duty-Free Import Authorisation, Promotion Capital Goods and drawback and refund of duties.

Contribute to our cause

Contribute to the nation's cause

Sirf News needs to recruit journalists in large numbers to increase the volume of its reports and articles to at least 100 a day, which will make us mainstream, which is necessary to challenge the anti-India discourse by established media houses. Besides there are monthly liabilities like the subscription fees of news agencies, the cost of a dedicated server, office maintenance, marketing expenses, etc. Donation is our only source of income. Please serve the cause of the nation by donating generously.

Join Sirf News on

and/or

Similar Articles

Comments

Scan to donate

Swadharma QR Code
Advertisment
Sirf News Facebook Page QR Code
Facebook page of Sirf News: Scan to like and follow

Most Popular

[prisna-google-website-translator]
%d bloggers like this: